Mumbai: Senior Citizen Loses ₹2.36 Crore Life Savings in Insurance Scam

A 65-year-old resident of Shivaji Park, Mumbai, was defrauded of ₹2.36 crore by cyber fraudsters who promised to help him recover money from seven lapsed insurance policies. A case has been registered at the Central Cyber Police Station on Friday against the unidentified accused. The complainant's son, a chartered accountant involved in income tax filing, was initially contacted on November 5, 2024, via a voice call from an unknown number. The caller identified himself as Dinesh Chaturvedi, claiming to work in the IGMS (Integrated Grievance Management System) section of the IRDAI (Insurance Regulatory and Development Authority of India). To establish credibility, the fraudster even sent a fake ID card via WhatsApp.

Claiming he could assist in reclaiming premium amounts from the complainant’s inactive insurance policies, the fraudster asked the victim to email policy details and initially requested ₹49,606 as processing fees. Soon after, he informed the complainant that ₹24.8 lakh had been approved for refund but required tax payments. Trusting the caller, the victim paid an additional ₹6 lakh. Over the course of several months—from November 5, 2024, to May 17, 2025—the accused manipulated the complainant through various excuses and false promises of large payouts. In total, the victim transferred ₹2.36 crore through 81 separate transactions.

When the promised funds failed to materialize, the complainant inquired about the payment on May 19, but received no response. Realizing he had been duped, he approached the police, who have now registered a case of fraud and are conducting further investigation. Authorities have warned the public to verify credentials thoroughly and remain cautious of such high-return financial scams, especially those involving personal policy or banking information.